One good recipe for fresh, homemade hot sauce is Chef Emeril Lagasse's Homemade Red Hot Sauce. Its ingredients include 20 tabasco or serrano chiles or 12 very ripe red jalapeño peppers, 1 1/2 tablespoons of minced garlic, 3/4 cup of thinly sliced onions, 3/4 teaspoon of salt, and 1 teaspoon of vegetable oil. The recipe also calls for 2 cups of water and 1 cup of distilled white vinegar.
To make the Chef Lagasse's hot sauce, remove the stems from the peppers, and cut them crosswise in 1/8-inch slices. Saute the peppers, garlic, onions, salt and oil in a saucepan over high heat for about three minutes. Add the water, and cook the mixture, stirring occasionally, until the peppers are soft and almost all the liquid evaporates. This usually takes about 20 minutes.
Remove the saucepan from the heat, and allow it to come to room temperature. Using a food processor, puree the mixture for about 15 seconds, or until it is smooth. With the food processor on, stream in the vinegar through the feed tube. Taste the hot sauce, and add more salt if needed.
Strain the hot sauce through a fine sieve, and place in a sterilized, airtight jar or bottle for storage. Place in the refrigerator, and wait two weeks before using. The hot sauce usually stays fresh in the refrigerator for up to six months.